Seventeen years from now, half the global stock of capital, totaling $158 trillion (in 2010 dollars), will reside in the developing world, compared to less than one-third today, with countries in East Asia and Latin America accounting for the largest shares of this stock, says the latest edition of the World Bank’s Global Development Horizons (GDH) report, which explores patterns of investment, saving and capital flows as they are likely to evolve over the next two decades.

Developing countries’ share in global investment is projected to triple by 2030 to three-fifths, from one-fifth in 2000, says the report, titled ‘Capital for the Future: Saving and Investment in an Interdependent World’. With world population set to rise from 7 billion in 2010 to 8.5 billion 2030 and rapid aging in the advanced countries, demographic changes will profoundly influence these structural shifts.

“GDH is one of the finest efforts at peering into the distant future. It does this by marshaling an amazing amount of statistical information,” said Kaushik Basu, the World Bank’s Senior Vice President and Chief Economist. “We know from the experience of countries as diverse as South Korea, Indonesia, Brazil, Turkey and South Africa the pivotal role investment plays in driving long-term growth. In less than a generation, global investment will be dominated by the developing countries. And among the developing countries, China and India are expected to be the largest investors, with the two countries together accounting for 38 percent of the global gross investment in 2030. All this will change the landscape of the global economy, and GDH analyzes how.”

Productivity catch-up, increasing integration into global markets, sound macroeconomic policies, and improved education and health are helping speed growth and create massive investment opportunities, which, in turn, are spurring a shift in global economic weight to developing countries. A further boost is being provided by the youth bulge. With developing countries on course to add more than 1.4 billion people to their combined population between now and 2030, the full benefit of the demographic dividend has yet to be reaped, particularly in the relatively younger regions of Sub-Saharan Africa and South Asia.

The good news is that, unlike in the past, developing countries will likely have the resources needed to finance these massive future investments for infrastructure and services, including in education and health care. Strong saving rates in developing countries are expected to peak at 34 percent of national income in 2014 and will average 32 percent annually until 2030. In aggregate terms, the developing world will account for 62-64 percent of global saving of $25-27 trillion by 2030, up from 45 percent in 2010.

“Despite strong saving levels to finance their massive investment needs in the future, developing countries will need to significantly improve their currently limited participation in international financial markets if they are to reap the benefits of the tectonic shifts taking place,” said Hans Timmer, Director of the Bank’s Development Prospects Group.

GDH paints two scenarios, based on the speed of convergence between the developed and developing worlds in per capita income levels, and the pace of structural transformations (such as financial development and improvements in institutional quality) in the two groups. Scenario one entails a gradual convergence between the developed and developing world while a much more rapid scenario is envisioned in the second.

The gradual and rapid scenarios predict average world economic growth of 2.6 percent and 3 percent per year, respectively, during the next two decades; the developing world’s growth will average an annual rate of 4.8 percent in the gradual convergence scenario and 5.5 percent in the rapid one.

In both scenarios, developing countries’ employment in services will account for more than 60 percent of their total employment by 2030 and they will account for more than 50 percent of global trade. This shift will occur alongside demographic changes that will increase demand for infrastructural services. Indeed, the report estimates the developing world’s infrastructure financing needs at $14.6 trillion between now and 2030.

The report also points to aging populations in East Asia, Eastern Europe and Central Asia, which will see the largest reductions in saving rates. Demographic change will test the sustainability of public finances and complex policy challenges will arise from efforts to reduce the burden of health care and pensions without imposing severe hardships on the old. In contrast, Sub-Saharan Africa, with its relatively young and rapidly growing population as well as robust economic growth, will be the only region not experiencing a decline in its saving rate.

In absolute terms, however, saving will continue to be dominated by Asia and the Middle East. In the gradual convergence scenario, in 2030, China will save far more than any other developing country — $9 trillion in 2010 dollars — with India a distant second with $1.7 trillion, surpassing the levels of Japan and the United States in the 2020s.

As a result, under the gradual convergence scenario, China will account for 30 percent of global investment in 2030, with Brazil, India and Russia together accounting for another 13 percent. In terms of volumes, investment in the developing world will reach $15 trillion (in 2010 dollars), versus $10 trillion in high-income economies. China and India will account for almost half of all global manufacturing investment.

“GDH clearly highlights the increasing role developing countries will play in the global economy. This is undoubtedly a significant achievement. However, even if wealth will be more evenly distributed across countries, this does not mean that, within countries, everyone will equally benefit,” said Maurizio Bussolo, Lead Economist and lead author of the report.

The report finds that the least educated groups in a country have low or no saving, suggesting an inability to improve their earning capacity and, for the poorest, to escape a poverty trap.

“Policy makers in developing countries have a central role to play in boosting private saving through policies that raise human capital, especially for the poor,” concluded Bussolo.

Regional Highlights:

East Asia and the Pacific will see its saving rate fall and its investment rate will drop by even more, though they will still be high by international standards. Despite these lower rates, the region’s shares of global investment and saving will rise through 2030 due to robust economic growth. The region is experiencing a big demographic dividend, with fewer than 4 non-working age people for every 10 working age people, the lowest dependency ratio in the world. This dividend will end after reaching its peak in 2015. Labor force growth will slow, and by 2040 the region may have one of the highest dependency ratios of all developing regions (with more than 5.5 non-working age people for every 10 working age people). China, a big regional driver, is expected to continue to run substantial current account surpluses, due to large declines in its investment rate as it transitions to a lower level of public involvement in investment.

Eastern Europe and Central Asia is the furthest along in its demographic transition, and will be the only developing region to reach zero population growth by 2030. Aging is expected to moderate economic growth in the region, and also has the potential to bring down the saving rate more than any developing region, apart from East Asia. The region’s saving rate may decline more than its investment rate, in which case countries in the region will have to finance investment by attracting more capital flows. The region will also face significant fiscal pressure from aging. Turkey, for example, would see its public pension spending increase by more than 50 percent by 2030 under the current pension scheme. Several other countries in the region will also face large increases in pension and health care expenditures.

Latin America and the Caribbean, a historically low-saving region, may become the lowest-saving region by 2030. Although demographics will play a positive role, as dependency ratios are projected to fall through 2025, financial market development (which reduces precautionary saving) and a moderation in economic growth will play a counterbalancing role. Similarly, the rising and then falling impact of demography on labor force growth means that the investment rate is expected to rise in the short run, and then gradually fall. However, the relationship between inequality and saving in the region suggests an alternative scenario. As in other regions, poorer households tend to save much less; thus, improvements in earning capacity, rising incomes, and reduced inequality have the potential not only to boost national saving but, more importantly, to break poverty traps perpetuated by low saving by poor households.

The Middle East and North Africa has significant scope for financial market development, which has the potential to sustain investment but also, along with aging, to reduce saving. Thus, current account surpluses may also decline moderately up to 2030, depending on the pace of financial market development. The region is in a relatively early phase of its demographic transition: characterized by a still fast growing population and labor force, but also a rising share of elderly. Changes in household structure may also impact saving patterns, with a transition from intergenerational households and family-based old age support to smaller households and greater reliance on asset income in old age. The region has the lowest use of formal financial institutions for saving by low-income households, and scope for financial markets to play a significantly greater role in household saving.

South Asia will remain one of the highest saving and highest investing regions until 2030. However, with the scope for rapid economic growth and financial development, results for saving, investment, and capital flows will vary significantly: in a scenario of more rapid economic growth and financial market development, high investment rates will be sustained while saving falls significantly, implying large current account deficits. South Asia is a young region, and by about 2035 is likely to have the highest ratio of working- to nonworking-age people of any region in the world. The general shift in investment away from agriculture towards manufacturing and service sectors is likely to be especially pronounced in South Asia, with the region’s share of total investment in manufacturing expected to nearly double, and investment in the service sector to increase by more than 8 percentage points, to over two-thirds of total investment.

Sub-Saharan Africa’s investment rate will be steady due to robust labor force growth. It will be the only region to not see a decrease in its saving rate in a scenario of moderate financial market development, since aging will not be a significant factor. In a scenario of faster growth, poorer African countries will experience deeper financial market development, and foreign investors will become increasingly willing to finance investment in the region. Sub-Saharan Africa is currently the youngest of all regions, with the highest dependency ratio. This ratio will steadily decrease throughout the time horizon of this report and beyond, bringing a long lasting demographic dividend. The region will have the greatest infrastructure investment needs over the next two decades (relative to GDP). At the same time, there will likely be a shift in infrastructure investment financing toward greater participation by the private sector, and substantial increases in private capital inflows, particularly from other developing regions.

In less than a generation, global saving and investment will be dominated by the developing world, says the just-released Global Development Horizons (GDH) report.

By 2030, half the global stock of capital, totaling $158 trillion (in 2010 dollars), will reside in the developing world, compared to less than one-third today, with countries in East Asia and Latin America accounting for the largest shares of this stock, says the report, which explores patterns of investment, saving and capital flows as they are likely to evolve over the next two decades.

Titled ‘Capital for the Future: Saving and Investment in an Interdependent World’, GDH projects developing countries’ share in global investment to triple by 2030 to three-fifths, from one-fifth in 2000.

A further boost is being provided by the youth bulge. By 2020, less than 7 years from now, growth in world’s working-age population will be exclusively determined by developing countries. With developing countries on course to add more than 1.4 billion people to their combined population between now and 2030, the full benefit of the demographic dividend has yet to be reaped, particularly in the relatively younger regions of Sub-Saharan Africa and South Asia.

GDH paints two scenarios, based on the speed of convergence between the developed and developing worlds in per capita income levels, and the pace of structural transformations (such as financial development and improvements in institutional quality) in the two groups. Scenario one entails a gradual convergence between the developed and developing world while a much more rapid one is envisioned in the second.

In both scenarios, developing countries’ employment in services will account for more than 60 percent of their total employment by 2030 and they will account for more than 50 percent of global trade. This shift will occur alongside demographic changes that will increase demand for infrastructural services. Indeed, the report estimates the developing world’s infrastructure financing needs at $14.6 trillion between now and 2030.

The report also points to aging populations in East Asia, Eastern Europe and Central Asia, which will see the largest reductions in private saving rates. Demographic change will test the sustainability of public finances and complex policy challenges will arise from efforts to reduce the burden of health care and pensions without imposing severe hardships on the old. In contrast, Sub-Saharan Africa, with its relatively young and rapidly growing population as well as robust economic growth, will be the only region not experiencing a decline in its saving rate.

Policy makers in developing countries have a central role to play in boosting private saving through policies that raise human capital, especially for the poor.

Maurizio Bussolo Lead Author, Global Development Horizons 2013

In absolute terms, however, saving will continue to be dominated by Asia and the Middle East. In the gradual convergence scenario, in 2030, China will save far more than any other developing country — $9 trillion in 2010 dollars — with India a distant second with $1.7 trillion, surpassing the levels of Japan and the United States in the 2020s.

As a result, under the gradual convergence scenario, China will account for 30 percent of global investment in 2030, with Brazil, India and Russia together accounting for another 13 percent. In terms of volumes, investment in the developing world will reach $15 trillion (in 2010 dollars), versus $10 trillion in high-income economies. Again, China and India will be the largest investors among developing countries, with the two countries combined representing 38 percent of the global gross investment in 2030, and they will account for almost half of all global manufacturing investment.

“GDH clearly highlights the increasing role developing countries will play in the global economy. This is undoubtedly a significant achievement. However, even if wealth will be more evenly distributed across countries, this does not mean that, within countries, everyone will equally benefit,” said Maurizio Bussolo, Lead Economist and lead author of the report.

The report finds that the least educated groups in a country have low or no saving, suggesting an inability to improve their earning capacity and, for the poorest, to escape a poverty trap.

“Policy makers in developing countries have a central role to play in boosting private saving through policies that raise human capital, especially for the poor,” concluded Bussolo.

Regional Highlights:

East Asia and the Pacific will see its saving rate fall and its investment rate will drop by even more, though they will still be high by international standards. Despite these lower rates, the region’s shares of global investment and saving will rise through 2030 due to robust economic growth. The region is experiencing a big demographic dividend, with fewer than 4 non-working age people for every 10 working age people, the lowest dependency ratio in the world. This dividend will end after reaching its peak in 2015. Labor force growth will slow, and by 2040 the region may have one of the highest dependency ratios of all developing regions (with more than 5.5 non-working age people for every 10 working age people). China, a big regional driver, is expected to continue to run substantial current account surpluses, due to large declines in its investment rate as it transitions to a lower level of public involvement in investment.

Eastern Europe and Central Asia is the furthest along in its demographic transition, and will be the only developing region to reach zero population growth by 2030. Aging is expected to moderate economic growth in the region, and also has the potential to bring down the saving rate more than any developing region, apart from East Asia. The region’s saving rate may decline more than its investment rate, in which case countries in the region will have to finance investment by attracting more capital flows. The region will also face significant fiscal pressure from aging. Turkey, for example, would see its public pension spending increase by more than 50 percent by 2030 under the current pension scheme. Several other countries in the region will also face large increases in pension and health care expenditures.

Latin America and the Caribbean, a historically low-saving region, may become the lowest-saving region by 2030. Although demographics will play a positive role, as dependency ratios are projected to fall through 2025, financial market development (which reduces precautionary saving) and a moderation in economic growth will play a counterbalancing role. Similarly, the rising and then falling impact of demography on labor force growth means that the investment rate is expected to rise in the short run, and then gradually fall. However, the relationship between inequality and saving in the region suggests an alternative scenario. As in other regions, poorer households tend to save much less; thus, improvements in earning capacity, rising incomes, and reduced inequality have the potential not only to boost national saving but, more importantly, to break poverty traps perpetuated by low saving by poor households.

The Middle East and North Africa has significant scope for financial market development, which has the potential to sustain investment but also, along with aging, to reduce saving. Thus, current account surpluses may also decline moderately up to 2030, depending on the pace of financial market development. The region is in a relatively early phase of its demographic transition: characterized by a still fast growing population and labor force, but also a rising share of elderly. Changes in household structure may also impact saving patterns, with a transition from intergenerational households and family-based old age support to smaller households and greater reliance on asset income in old age. The region has the lowest use of formal financial institutions for saving by low-income households, and scope for financial markets to play a significantly greater role in household saving.

South Asia will remain one of the highest saving and highest investing regions until 2030. However, with the scope for rapid economic growth and financial development, results for saving, investment, and capital flows will vary significantly: in a scenario of more rapid economic growth and financial market development, high investment rates will be sustained while saving falls significantly, implying large current account deficits. South Asia is a young region, and by about 2035 is likely to have the highest ratio of working- to nonworking-age people of any region in the world. The general shift in investment away from agriculture towards manufacturing and service sectors is likely to be especially pronounced in South Asia, with the region’s share of total investment in manufacturing expected to nearly double, and investment in the service sector to increase by more than 8 percentage points, to over two-thirds of total investment.

Sub-Saharan Africa’s investment rate will be steady due to robust labor force growth. It will be the only region to not see a decrease in its saving rate in a scenario of moderate financial market development, since aging will not be a significant factor. In a scenario of faster growth, poorer African countries will experience deeper financial market development, and foreign investors will become increasingly willing to finance investment in the region. Sub-Saharan Africa is currently the youngest of all regions, with the highest dependency ratio. This ratio will steadily decrease throughout the time horizon of this report and beyond, bringing a long lasting demographic dividend. The region will have the greatest infrastructure investment needs over the next two decades (relative to GDP). At the same time, there will likely be a shift in infrastructure investment financing toward greater participation by the private sector, and substantial increases in private capital inflows, particularly from other developing regions.

MOUNTAIN VIEW, Calif. /PRNewswire/ — The global non-renewable inverter market grew steadily on the back of rising demand for reliable power and the lack of stable power infrastructure in many regions of the world. Higher disposable incomes and greater affordability in developing regions such as Latin America, as well as parts of Africa and South Asia, encourage the adoption of power inverters, especially in residential markets.

New analysis from Frost & Sullivan’s (http://www.powersupplies.frost.com) Analysis of the Global Non-renewable Inverter Market research finds the market earned revenue of approximately $1.94 billion in 2012 and estimates this to reach $2.34 billion in 2018.

For more information on this research, please email Britni Myers , Corporate Communications, at britni.myers@frost.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.

“The need for power reliability stimulates demand for power inverter and inverter/chargers, as they are employed as part of a back-up power system involving a battery,” saidFrost & Sullivan Energy and Environment Senior Industry Analyst Anu Elizabeth Cherian. “The manufacturing and commercial sectors’ increased awareness and proactive protective measures such as employing adequate back-up resources to manage business more efficiently gives a significant boost to the market’s prospects.”

The market will also gain from the escalating use of electronic equipment in boats, cars, trucks, ambulances and recreational vehicles. Power inverters and inverter chargers can meet business travelers’ or vacationers’ demand for connectivity on the go as well.

While power inverters are establishing a foothold in the power industry, the gradual pace of economic recovery and restrained spending environment are stymieing inverter manufacturers’ efforts to expand. Further, the slowdown in infrastructural build-outs in telecommunications and investments makes customers cautious about investing in inverters.

“Inverter manufacturers could attempt to offset the price issue by offering enhanced features for the premium products or lowering prices,” noted Cherian. “We know that without a solid solution, power quality issues will continue to persist. This improved awareness of the need to be well prepared for power outages bolsters the power inverter market.”

Analysis of the Global Non-renewable Inverter Market is part of the Energy and Environment Growth Partnership Service program. Frost & Sullivan’s related research services include: Analysis of the Mexican Distributed Power Generation Market, Asia-Pacific Rental Power Market, Bangladesh Uninterruptible Power Supply Market, and Critical Energy Infrastructure Protection in Europe. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.

The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

The Made In Africa Foundation is a charitable organisation, established to support strategic infrastructure projects and create sustainable solutions to some of Africa’s most pressing problems. It works to support technical feasibility studies, to kick start key infrastructure developments and to engage the African diaspora in innovative fund-raising activities. The Foundation was founded in 2011 by international designer Ozwald Boateng OBE, and Nigerian businessman Kola Aluko, and is supported by Atlantic Energy.

The leading pan-African current affairs magazine, New African, has just published its May edition, guest edited by the internationally renowned Ghanaian designer Ozwald Boateng , a World Economic Forum Young Global Leader and founder of the Made in Africa Foundation.

This new issue looks at a Future Madein Africa and, in a 60 page supplement, celebrates the Organisation of African Unity’s (now the AU’s) golden jubilee. It has a strong focus on infrastructure, which reflects the work of the Made in Africa foundation – a $400m fund to finance feasibility studies to fast-track infrastructure investment throughout Africa.

In its “Trailblazers under 50″ feature, New African presents its selection of 50 Africans under the age of 50, who are breaking ground and raising hopes for Africa’s future. The list includes Chimamanda Ngozi Adichie, Alex Wek , Didier Drogba, Hadeel Ibrahim , David Rudisha, Bethlehem Tilahun Alemu, Juliana Totich, P-Square, Dambisa Moyo and its very own readers.

In his introductory article “Why our future should be made in Africa“. Boateng insists “If the world is to get beyond boom and bust, it requires African creators, farmers, workers, industrialists and leaders to be given the tools and opportunities to play their part for the good of all”.

Omar Ben Yedder , publisher of New African magazine, commented: “Ozwald Boateng has done a fantastic job and this really is a collector’s item – one which we hope will be read and studied in schools and universities across Africa. It was a true learning experience working on this issue”.

About TeleCommunication Systems, Inc.TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS’ cyber security expertise, professional services, and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world.

ANNAPOLIS, Md., May 17, 2013 /PRNewswire/ – TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, today announced that TCS Fellow John Linwood Griffin and TCS Senior Customer Executive Victor Hernandez will be participating in panel discussions as part of the Maryland/DC Celebration of International Trade 2013 on Tuesday, May 21 at the Maritime Institute Conference Center in Linthicum, MD. Attendees will experience in-depth discussions with expert-level export executives, leaders, practitioners and government leaders.

TCS Fellow Dr. John Linwood Griffin will discuss the risk associated with conducting business internationally from a technical security perspective. Risk itself often represents an opportunity – when you understand and interpret technical risks in the context of your business objectives, you are able to make more efficient and competitive decisions. The panelists will engage in a lively early-morning discussion on how to keep risk from always leading to the answer, “no.”

Dr. John Linwood Griffin leads research and engineering programs on computer and communications security at TCS. He has written and taught academic and industrial courses on computer storage, security and networking and has co-authored refereed conference, journal and workshop papers. Among the honors, grants and awards he has received include an invitation to participate in the U.S./Japan Experts’ Workshop on Critical Information Infrastructure Protection, an Intel Foundation Ph.D. Fellowship and a National Science Foundation Graduate Research Fellowship.

TCS Senior Customer Executive Victor Hernandez will explore the nuances of conducting business in the emerging market of Latin America through the lens of several case studies. In addition, the ability to leverage government resources that are available to ease entrance into new markets from the Departments of Commerce and State will also be addressed by other panelists.

Victor Hernandez is responsible for promoting TCS’ products and services portfolio in the Caribbean and Latin American regions. He has more than 23 years of experience in the Latin American wireless industry and has worked with some of the wireless industry’s biggest names, helping them bridge the business gap between the Caribbean, Latin America and North America.

To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.

A recent report from the World Bank indicated that the GDP of a third of African countries grew by at least 6% last year, despite the estimate that power outages cost African economies on average around 2% pa of their GDP.

African Ministers, heads of utilities, regulators and international energy companies will address this and other pressing issues concerning Africa’s power sector at the Africa Energy Forum in Barcelona, 18-20 June. Over 800 delegates are expected to attend this international investment Forum for Africa’s power industry to compete for partnerships and deals.

Bruno Cockburn, AEF’s Programme Development Director, commented; “We are delighted the forum remains an important investment tool for proactive African stakeholders looking to address the power and infrastructure investment gap head on. The international community’s response has been extraordinary this year already.”

The latest government official to confirm his attendance at EnergyNet’s Africa Energy Forum 2013 is Hon. Salvador Namburete, Minister of Energy in Mozambique.

During this important meeting, many issues were raised concerning the impact the ADF is having in our countries and its role in the transformation of our economies. The Bank (http://www.afdb.org) for instance, has delivered rapid budget supports to maintain and restore core basic services to the people in the region, at a time when some countries needed it most.

We noted that the ADF is indeed a relevant channel of development financing. The Bank Group also plays an important role as the convener and voice of Africa. The ADF strategic orientation and operational priorities are aligned with the Continent’s development agenda and countries’ needs. Successive institutional reforms have strengthened the Bank Group’s Delivery capacity, Responsiveness and Results-focus.

The Bank’s work in the field of infrastructure is very important, given Africa’s huge infrastructure potential. We appreciate the establishment and augmenting of the ADF Regional Operations envelope, which is critical in supporting the Bank’s ambitious regional integration agenda. For many African countries, regional solutions to the provision of public services, such as regional power grids and transportation networks, are more cost effective and provide better services and complement national programs.

We support the building of capacity in the fields of public procurement, internal and external audits, managing revenues from natural resources, and enhancing domestic resource mobilization as they are important for resource rich countries in the region. We, therefore, are appreciative of the Bank’s work and interventions in these areas.

However, we do believe that the Bank Group could do more to support economic diversification and job creation, for the Youth especially, by helping to improve the productivity of private enterprises and micro, small and medium-sized agribusinesses as well as supporting economic and structural reforms with the highest impact on improving the business environment.

Finally, we recognize that there are major challenges for the Bank and the Fund to mobilize resources at a time when many donor countries are facing some economic constraints. Nevertheless, we think that we need to keep the momentum and focus on the big picture, which is to help the Bank’s Regional Member Countries transform their economies, create jobs, and reduce poverty. We hope the ADF-13′s replenishment will meet our needs.

YAOUNDE, Cameroon, May 15, 2013/African Press Organization (APO)/ – An International Monetary Fund (IMF) mission, led by Mr. Mario de Zamaróczy, visited Cameroon during April 29–May 14, 2013 to conduct the 2013 Article IV Consultation. The mission met with Prime Minister Philémon Yang, Minister Secretary General at the Presidency Ferdinand Ngoh Ngoh, Minister of Finance Alamine Ousmane Mey, Minister of Economy, Planning, and Territorial Development Emmanuel Nganou Djoumessi, several other ministers, the Vice Governor and the National Director of the Bank of Central African States (BEAC), other senior officials, and representatives of the private sector, labor unions, civil society organizations, and development partners. The discussions focused on recent economic and financial developments, the 2013 budget, and the economic outlook for 2013 and beyond. At the end of the mission, Mr. de Zamaróczy issued the following statement:

“Recent macroeconomic developments were broadly in line with the projections made at the time of the previous mission in fall 2012. Growth reached 4.4 percent in 2012 (from 4.1 percent in 2011), thanks to a rebound in oil production. Inflation has been moderate, with a 2.4 percent consumer price increase in 2012. Credit to the economy remained subdued and rose by about 2.6 percent.

“Looking ahead, gross domestic product (GDP) growth is projected to accelerate to about 4.8 percent in 2013 and to rise to 5.5 percent a year in the medium term, fuelled by an expected rise in oil production and projected increases in public investment in infrastructure. However, growth would need to be sustained at a higher level for Cameroon to reach its objective of becoming an upper-middle income country by 2035.

“The discussions between the authorities and the mission focused on efforts to spur reforms and set Cameroon on a higher growth path, while mitigating risks to macroeconomic and financial sector stability. The mission recommended closely monitoring public investment in infrastructure to improve its effectiveness and governance. At the same time, the business climate needs to be improved to promote private sector involvement. The mission was encouraged by steps taken to set up the National Public Debt Committee to oversee the financing strategy of public investment plans.

“The mission recommended better allocation of public spending to help close the financing gap in 2013, and improved public finance management to preserve medium-term sustainability and rebuild fiscal space.

“The mission expressed its concern regarding fuel price subsidies. The mission believes that those subsidies are excessively costly and hard to justify, given that only a small share of these subsidies actually benefits the poor. Consequently, the mission encouraged the authorities to phase out these subsidies and replace them with better-targeted social transfer programs.

“The Cameroonian financial sector is saddled with some smaller-size banks that require prompt resolution. The mission encouraged the authorities to move swiftly in cooperation with the regional supervisor, the Commission Bancaire d’Afrique Centrale (COBAC), to protect depositors while minimizing the fiscal cost. The mission encouraged the authorities to accelerate reforms to improve the lending climate. The mission was heartened by the creation of a credit assessment database that will be available in June.

“The IMF’s Executive Board is expected to examine the report on the 2013 Article IV Consultation with Cameroon in June 2013. The mission would like to thank the authorities for their warm hospitality, excellent cooperation, and constructive dialogue.”

VICTORIA, Mahé, May 15, 2013/African Press Organization (APO)/ – On May 8, 2013, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Seychelles. 1

Background

In the few years since the 2008 debt crisis, Seychelles has made remarkable strides, quickly restoring macroeconomic stability and creating room for private-sector activity. Macroeconomic developments in the tourism-based island economy have been favorable, despite the challenging global environment. Notably, growth held up as the tourism industry successfully attracted arrivals from non-traditional markets as European arrivals slumped, while a surge in foreign direct investment (FDI) supported construction in recent years. For the most part, inflation remained contained, and the external position improved markedly following liberalization of the exchange rate in 2008 and debt restructuring started in 2009.

In 2012, despite robust tourist arrivals, growth moderated to 2.9 percent as large investment projects were completed. Inflation spiked in July 2012 to 8.9 percent fueled by global as well as domestic developments, but has since abated as a result of successful monetary tightening. The external position continued to improve, albeit modestly. In particular, the current account deficit declined slightly, but remained high at around 22 percent of gross domestic product (GDP), but was fully financed by FDI and external borrowing, leading to a modest rise in reserves. Debt restructuring is nearly complete, with only one loan agreement awaiting signature.

Fiscal policy in 2012 continued to support debt sustainability. The primary surplus is projected to have risen to 6.2 percent of GDP, in part due to sizable windfall revenues which were partly saved. Buoyant revenue and grants paved the way for needed capital expenditure. Notwithstanding, public debt increased by over 3 percentage points of GDP due mostly to currency depreciation and the government assuming liabilities of Air Seychelles.

Monetary policy was tightened sharply in 2012 in response to rising inflation and an unhinging of the exchange rate, and has since been relaxed. Starting in late-2011, rising global food and fuel prices coupled with adjustments in administered prices pushed prices higher. This was reinforced by current account pressures resulting from lower exports of transportation services in the wake of the restructuring of Air Seychelles. The looming inflation-depreciation spiral was broken in mid-2012 by two small foreign exchange market interventions by the Central Bank of Seychelles and a tightening of monetary policy. By end-2012, inflation had fallen to 5.8 percent and the exchange rate had strengthened beyond its end-2011 level.

Broad-based structural reform over the past five years has worked to improve financial performance of the public sector and increase private sector participation in economic activity. Statistical capacity continues to be strengthened. Seychelles subscribes to the IMF’s General Data Dissemination Standard (GDDS) and is making progress at compiling higher frequency economic data which will support strengthened macroeconomic oversight and analysis.

Executive Board Assessment

Executive Directors commended the authorities for their strong policy implementation. Macroeconomic stability has been restored and growth has remained resilient. While the outlook is favorable, the economy is vulnerable to an uncertain global environment and domestic risks. Directors called for continued commitment to sound policies and structural reforms to preserve macroeconomic and financial stability, build policy buffers, and foster strong and inclusive growth.

Directors welcomed the steps to improve financial discipline at the central government level and the recent introduction of the VAT. They agreed that strengthening the oversight and financial position of parastatals, including through adequate price mechanisms, and further progress in public financial management will be key to ensuring fiscal sustainability. For the medium term, Directors supported the authorities’ fiscal policy stance which aims at targeting a primary fiscal surplus and reducing public debt to 50 percent of GDP. They welcomed that the debt restructuring is nearly complete and encouraged the authorities to exercise caution when contracting new external debt.

Directors called for continued efforts to improve the monetary framework in order to stabilize inflation expectations and policy interest rates. Absorbing excess liquidity over time will be important to strengthen the monetary anchor and monetary transmission mechanism. Directors considered that a further increase in international reserves, as market conditions permit, would provide a stronger buffer against shocks. Directors noted that the financial system is sound and welcomed the steps being taken to improve the functioning of the credit market.

Directors commended the efforts towards improving the business and investment climate, which is key to avoid a potential middle-income trap and to support broad-based growth. They encouraged the authorities to foster private sector-led growth by addressing infrastructure gaps, engendering lower cost and improved access to credit, correcting data weaknesses, and moving ahead with plans for greater workforce education and capacity building.

1 Excludes debt issued in 2012 for monetary purposes (5.4 percent of GDP), as proceeds are kept in a blocked account with the Central Bank.

1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm

LONDON &SEOUL– 14th May 2013: The 2013 World Energy Congress Organizing Committee announced today some of the significant program topics that will be discussed by leading figures in the energy sector at the world’s premier energy event, to be held in Daegu, South Korea from October 13 to 17, 2013.

Under the theme of ‘Securing Tomorrow’s Energy Today’, topics range from the future prospects of the oil & gas, coal, nuclear, and renewables sectors to the tough policy decisions needed to balance the often conflicting priorities of energy security, universal access to affordable energy, and environmental protection. Delegates will also be given insights into how finance and innovation are shaping our energy future.

“The Congress will provide a fascinating overview of the opportunities and challenges of our energy world in transition,” said Dr. Christoph Frei, Secretary General of the World Energy Council. “The issues to be highlighted will be addressed from a number of viewpoints, encompassing the perspectives of individual energy sectors and geographical regions, as well as providing a strategic overview of global energy trends.”

More than 200 prominent speakers, including energy ministers, industry CEOs and top experts and researchers, will answer the most pressing questions facing the global energy industry today, such as:

·Oil: Will state oil companies and independents come to dominate the industry?

·Gas: Will shale gas be a game changer in redrawing the global energy map or is it just a bubble?

·Energy innovation: Is venture capital more important than government support?

·Asia: Can the region become a showcase for green growth?

·Eurasia: Can it achieve partnerships to unlock its full energy potential?

·Middle East: Will it balance the needs of energy exports, local energy growth and job creation?

·Latin America: Blessed with resources, but overwhelmed by choice?

·Europe: Can it achieve effective energy market integration?

·Africa: Is there an energy infrastructure road map?

“The program at the 22nd World Energy Congress captures the full range and complexity of today’s energy challenges,” said Cho Hwan-eik, chair of the Organizing Committee of the 2013 World Energy Congress. “The Congress offers an impressive and unmatched list of speakers to provide insights on how these challenges can be addressed and overcome.”

Specific sessions and speakers will be announced shortly.

For further information, registration and other details, please log on to www.daegu2013.kr

The World Energy Congress is the world’s premier energy gathering. The triennial World Energy Congress has gained recognition since the first event in 1923 as the premier global forum for leaders and thinkers to debate solutions to energy issues. In addition to the discussions, the event provides an opportunity for executives to display their technologies and explore business opportunities. With the upcoming Congress in Daegu the event will have been held in 20 major cities around the world since its founding.

The World Energy Council (WEC) is the principal impartial network of leaders and practitioners promoting an affordable, stable and environmentally sensitive energy system for the greatest benefit of all. Formed in 1923, WEC is the UN-accredited global energy body, representing the entire energy spectrum, with more than 3000 member organisations located in over 90 countries and drawn from governments, private and state corporations, academia, NGOs and energy related stakeholders. WEC informs global, regional and national energy strategies by hosting high-level events, publishing authoritative studies, and working through its extensive member network to facilitate the world’s energy policy dialogue.